Серия новогодних вебинаров: Global Investor Program - Singapore Deloitte & Touche LLP December 2018
Global investor program (GIP) Foreigners can apply for permanent residency (PR) in Singapore under GIP if they invest at least S$2.5 million into starting or expanding a business here, or into a GIP fund that invests in Singapore-based companies. Investment options Eligibility Criteria. Option A and B A substantial business track record A successful entrepreneurial background Option FO At least 5 years of entrepreneurial, investment or management track record and An individual, or direct family net worth of at least S$400 million S$2.5m S$2.5m S$2.5m Option A New business entity or expansion of an existing business operation* Option B GIP-approved fund Option FO New Singapore-based single family office having mininum AUM of S$200m
Option A and B You must possess at least 3 years of entrepreneurial and business track record and must produce audited financial statements of your company for the last 3 years. The financial statements must be audited by an accredited audit firm. Your company must only be engaged in one or more of the selected industries. Your company s turnover must be at least S$50 million in the year immediately preceding your application, and at least S$50 million per annum on average for the three years immediately preceding your application. You should submit the financial statements of your company with the highest turnover. You may also consolidate your businesses, all of which must only be engaged in one or more of the selected industries, to meet the minimum turnover criteria. Privately-owned companies: Have minimum 30% shareholding in the company. Your role in the company, as well as the growth and profitability of your company would be taken into consideration. List of industries a) Aerospace Engineering b) Alternative Energy/ Clean Technology c) Automotive d) Chemicals e) Consumer Business (e.g. flavours and fragrances, food ingredients, nutrition, home and personal care) f) Electronics g) Energy h) Engineering Services i) Healthcare j) Infocomm Products & Services k) Logistics & Supply Chain Management l) Marine & Offshore Engineering m) Media & Entertainment n) Medical Technology o) Nanotechnology p) Natural Resources (e.g. metals, mining, agri-commodities) q) Safety & Security r) Space s) Shipping t) Pharmaceuticals & Biotechnology u) Precision Engineering v) Professional Services e.g. consulting, design w) Arts Businesses * Visual arts businesses, e.g. auction houses, art logistics/storage * Performing arts businesses x) Sports Businesses y) Family Office & Financial Services
Additional Assessment Criteria: Option A and FO Submit a detailed 5-year business plan with projected employment and annual financial projections. For FO: the business plan should also explain your role in the SFO, functions of your family office, your proposed investment sectors, asset types, and geographical focus. Require to fulfill the 3 rd year milestone outlined in your business plan and fulfill your business plan within 5 years of Singapore PR final approval Additional milestones to achieve at the 3 rd year milestones to include: i. Hiring of at least 5 additional employees and ii. An additional annual total business expenditure of at least S$1 million
GIP Funds Contact Singapore introduced an independent fund rating exercise as a key element of the GIP Funds application and selection process since 2012. Mercer (Singapore) Pte Ltd was appointed as the independent rating agency in March 2012. Mercer s rating evaluation comprises of a comprehensive assessment of the funds in 3 broad categories: (i) People Idea generation and business management; (ii) Investment Portfolio construction and implementation; and (iii) Operations Governance, regulation, controls, technology and investment administration. Funds which meet the rating benchmark are awarded a Preferred Provider rating and are reviewed by Contact Singapore s GIP Fund Selection Panel before the final approval. The latest surveillance rating was done in April 2018. Fund Manager Crest Capital Asia Fund Mgmt Pte Ltd Evia Capital Partners Pte Ltd F & H Fund Management Pte Ltd Phillip Private Equity Pte Ltd GIP Funds The Enterprise Fund V Ltd Evia Growth Opportunities IV Ltd F & H Singhome Fund III Ltd Phillip Ventures Enterprise Fund 5 Ltd
Your Family Members Your spouse and unmarried children* are eligible to apply for PR under your GIP application. Male children who obtain PR by virtue of being your dependant will be liable for National Service. Your parents and unmarried children above 21 years old are not eligible to apply for PR under your GIP application. Can apply for a 5-year Long Term Visit Pass (LTVP), which is tied to the validity of your Re-Entry Permit (REP). *below 21 years old
Validity of REP after the first 5 years Option A Option B Option FO Fulfill the investment conditions under the respective Option For a 3-year renewal For a 5-year renewal (A) Employs in Singapore at least 5 more employees, in addition to those employed at the third year milestone, with at least 5 Singapore citizens amongst all employees, AND (B) Incurs in Singapore an annual total business expenditure of at least S$1 million more than the annual total business expenditure incurred at the third year milestone; OR You or at least one of your dependants, who also has PR under your GIP application, must have resided in Singapore for more than half of the time. You have set up a business in Singapore which employs at least 5 Singapore citizens as employees and have incurred in Singapore at least S$1 million in annual total business expenditure OR You or at least one of your dependants, who also has PR under your GIP application, must have resided in Singapore for more than half of the time. A) Employs in Singapore at least 5 more employees in addition to those employed at the third year milestone, with at least 5 Singapore citizens amongst all employees; AND (B) Incurs in Singapore an annual total business expenditure of at least S$1 million more than the annual total business expenditure incurred at the third year milestone. OR You or at least one of your dependants, who also has PR status under your GIP application, must have resided in Singapore for more than half of the time. Additional criteria: You and your dependants, who also have PR status under your GIP application, must have resided in Singapore for more than half of the time.
Contact us Shantini Ramachandra Tax Leader Deloitte Private Southeast Asia Partner International Tax D: +65 6800 2295 Email: sramachandra@deloitte.com Carrie Ng Manager Tax & Legal Deloitte Private Singapore D: +65 6800 2729 Email: carng@deloitte.com Shawn Zhang Manager Tax & Legal Deloitte Private Singapore D: +65 6830 8081 Email: shawzhang@deloitte.com
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